WRA Broker Practice Test

These questions are part of the practice quiz. Start practicing

• How long must a firm keep trust account records?
• According to ethics in real estate, what must agents maintain with their clients?
• When a buyer is referred to as a 'customer', what does this indicate about their status with the firm?
• What is a potential consequence of the non-disclosure of material defects?
• For whose false information would a listing firm be held responsible despite lack of knowledge?
• Which of the following forms could not be completed by a salesperson?
• What does the term "exclusive right to sell" imply for the listing agreement?
• What key term describes an agreement that releases all parties from further obligations?
• When does binding acceptance occur in a real estate transaction?
• How many days must a firm wait before filing an interpleader action forcing the buyer and seller to litigate their claims over the earnest money?
• When is a licensee required to distribute or sign a signed copy of a lease to a landlord?
• If a seller does not accept an offer, what must the listing firm do with the earnest money?
• Wisconsin's license law prohibits real estate licensees from:
• What is the primary purpose of the agency disclosure form?
• Which responsibility do listing agents NOT have?
• Which of the following is an example of a disclosure obligation for real estate professionals?
• Which group is not recognized as a protected class under Wisconsin Fair Housing Laws?
• After an offer was rejected on June 6th, where would the earnest money check be found?
• Which entity is typically responsible for keeping all trust accounts in order?
• When must a real estate firm maintain trust accounts?
• What does a counter-offer represent in a negotiation?
• Which remedy is not available to a buyer in the case of seller default on the terms of a WB-11 Residential Offer to Purchase?
• What must a buyer provide to the seller if they wish to terminate their offer after finding a defect during a home inspection?
• What is the main purpose of a commission in real estate transactions?
• What is the timeframe for depositing client funds into a trust account?
• What action should a listing firm take to terminate a listing contract early due to seller breach?
• Which of the following is not required to be in writing according to Wisconsin license law?
• What should be done if a buyer objects to findings in an inspection report?
• What best describes a listing contract?
• If a licensee embezzles earnest money, who is ultimately liable?
• What must a firm do to change its business entity from a general partnership to a limited liability company?
• A listing licensee who has disclosed a right of first refusal to a prospective buyer:
• What must be included when a counter-offer is made by a seller?
• What defines a fixture in real estate?
• Who benefits from the Financing Commitment Contingency of the WB-11 Residential Offer to Purchase?
• What can a listing firm in the MLS do if contacted by a non-MLS firm to set up a showing for a buyer?
• What does the lead-based paint disclosure law require from sellers?
• Under Wisconsin license law, a licensee without any experience in business brokerage is offered a chance to list a business. The licensee shall:
• What is the maximum amount of a firm's personal funds that may be kept in a trust account to cover service charges?
• A seller is trying to sell a home without a firm. A buyer's agent wants to show a buyer the seller's property. Who must disclose agency to the seller?
• In a scenario where both a seller and a buyer are clients of the same firm, what is true about multiple representation without designated agency?
• If a licensee learns about undisclosed foundation problems from a seller's neighbor, what must they do?
• What does the financing commitment contingency in an offer to purchase contain?
• Which department is responsible for enforcing real estate licensing law in Wisconsin?
• If a seller's listing contract excludes ceiling fans, what must the buyer do for those fans to be included in the purchase?
• Does a licensee need to have a listing agreement with a family member when assisting in the sale of a home?
• Which of the following practices is essential for protecting a buyer's interest according to ethical guidelines?
• What is the primary purpose of a real estate disclosure statement?
• A buyer who finds defects after a home inspection should do what?
• What qualifications must a licensee have when inspecting a property?
• How should a licensee complete lines 1-2 of the WB-11 Residential Offer to Purchase when writing an offer for personal use?
• What type of relationship does a firm in multiple representation without designated agency have with clients?
• What should a listing firm do if a buyer wants to keep all interest earned on their earnest money deposit?
• What does the journal portion of the trust account bookkeeping system represent?
• What action is required if a listing agent receives an offer to purchase?
• According to the offer to purchase, what is not permitted during an inspection?
• When do parties achieve binding acceptance?
• Which of the following is not a pre-printed contingency in the WB-13 Vacant Land Offer to Purchase?
• What should a licensee do if asked to act against their duty to all parties in a transaction?
• Which party has the final authority to accept or reject an offer to purchase?
• Which of the following is not considered a real estate trust fund?
• What must Salesperson A ensure is completed before the listing may proceed, according to regulatory standards?
• What is a key requirement of the lead-based paint disclosure law in real estate?
• Which scenario qualifies as an adverse material fact that must be disclosed to buyers?
• Which statement is incorrect regarding a licensee's duty to inspect real estate?
• Which statement is incorrect regarding the skills of licensees?
• Which question is irrelevant when determining whether something is a fixture?
• In what scenario is a licensee required to provide full disclosure to all parties?
• What must Salesperson A disclose about the rented items in the property listing?
• Under the real estate condition report law, when can a buyer not rescind an offer to purchase?
• What are a licensee's disclosure obligations regarding stigmatized properties?
• If a property was closing on May 8th and last year's taxes were $7,200, how much would be credited to the buyer?
• Which term describes the relationship of Salesperson A to both the buyer and seller in the transaction?
• What type of listing is prohibited under state law?
• What standard is used for evaluating whether advertising is discriminatory?
• What must a lead-based paint addendum include in order for the buyer to inspect for lead-based paint?
• Which statement about commission in a residential listing contract is correct?
• Under what circumstances are licensees allowed to provide legal advice?
• If a licensee finds a defect in a property during an inspection, what must they do?
• What legal document can a real estate broker complete?
• Which of the following must be disclosed to a party in a transaction?
• How often must real estate licensees renew their licenses in Wisconsin?
• What should a buyer do if they change their mind after submitting an offer but before acceptance?
• Which scenario does not need to occur for a closing to happen?
• What is NOT permissible for a firm holding funds in an escrow account?
• When must a licensee provide a written agency disclosure form to a buyer-customer?
• Which of the following is one of the key components outlined in buyer and tenant representation agreements?
• Which type of transaction does not require agency disclosure?
• When does acceptance of an offer to purchase occur?
• What determines if Broker B owes any money to the licensee who leaves before the transaction closes?
• What is the purpose of the WB-36 Buyer Agency/Tenant Representation Agreement?
• What is the duty of a listing agent before listing a property?
• As far as a licensee's inspection duty is concerned, which of the following statements is most correct?
• In a property listing, what should be avoided to ensure compliance with fair housing laws?
• What is an incorrect response from a real estate licensee when communicating with a buyer needing auxiliary aids?
• What is Salesperson B responsible for after errors are identified by the supervising broker?
• An individual is considered a client if they have what?
• Which of the following does not need to be disclosed by a licensee?
• What was one of the errors made by Salesperson B in the transaction for the property?
• When must earnest money be deposited if an offer is accepted on March 4th and is due within 14 business days?
• How soon must a firm withdraw commissions from their trust account?
• What does the ordinary reader standard help determine in advertising?
• Which liability does a real estate firm carry when handling trust funds?
• What is required for multiple representation to be permissible?
• What should a licensee do when marketing a property using lot lines or dimensions?
• According to administrative rules, the bookkeeping of trust accounts requires all of the following except?
• What must a firm keep readily available for use by the firm's licensees?
• What type of information do licensees need to disclose to potential buyers regarding their buyers’ agents?
• If a property is listed on May 8, 2016, when must the firm keep all trust account records for that transaction?
• What is the most appropriate way for a buyer to notify a seller about defects in a property?
• What distinguishes an exclusive listing from an exclusive right to sell listing?
• If a licensee is asked about known sex offenders in the area, what is the best course of action to maintain immunity from disclosure?
• When is a licensee not required to disclose their firm's name or licensed status in advertising?
• What is the purpose of a real estate condition report?
• What clause in the WB-11 Residential Offer to Purchase involves a deadline that begins upon actual receipt of a document?
• Under what condition would a listing firm not receive a commission in an exclusive right to sell residential listing contract?
• When a licensee ceases association with a firm, they must notify the Department of Safety and Professional Services within what time frame?
• Which statement regarding fair housing in Wisconsin is INCORRECT?
• In the case where a firm offers a variety of brokerage services, which service can they NOT charge the seller for?
• Which information is a seller not required to disclose?
• Which action should a licensee avoid regarding property dimensions?
• What must be done if a licensee has dual agency?
• Which type of real estate listing allows a seller to market the property independently while also having an agent?
• An agent writing an offer for a buyer-customer is referred to as what?
• Regarding the inspections section of the WB-11 Residential Offer to Purchase, what is TRUE?
• What is a critical requirement before any real estate brokerage services are provided?
• Which of the following is not a duty owed to a customer in a real estate transaction?
• What is the status of a contract if a buyer has properly given a Notice of Defects and the seller does not have the right to cure?
• When is a conveyance of a homestead by a married person considered valid?
• What must a firm include on all trust accounts as a requirement?
• Which of the following sellers must complete a real estate condition report?
• Within how many days must a licensee report a name change to the Department of Safety and Professional Services?
• Which agency relationship cannot be offered by a sole proprietor firm without associated licensees?
• If a buyer rescinds an accepted offer after receiving condominium documents, what should the firm do regarding earnest money?
• What happens when both parties agree on different terms than what was originally proposed?
• What characterizes multiple representation without designated agency?
• Who is required to maintain copies of all transactional records for a firm's listings?
• What form can a seller use to negotiate with multiple buyers simultaneously?
• In the absence of a signed WB-36 Buyer Agency/Tenant Representation Agreement, the buyer is classified as the firm's:
• Under Wisconsin license law, what must licensees obtain when advertising listed property?
• In the event of a binding offer, who holds the rights to the contract if the buyer passes away?
• Under Wisconsin's license law, what prevents agents from making personal offers on company listings?
• Which of the following advertising statements is not permitted by law?
• Who typically holds earnest money deposits during a real estate transaction?
• What must XYZ Realty provide to each licensee regarding regulatory practices?
• In which situation can a licensee draft an escrow agreement?
• Which action is prohibited for a listing agent working with a seller?
• Which scenario could violate fair housing laws or the ADA?
• What is a critical responsibility of a listing agent when handling offers?
• What is the penalty for willfully violating federal lead-based paint disclosure rules?
• Which of the following best describes a typical component of a real estate condition report?
• What must be disclosed in offers according to legal requirements?
• Which practice is considered unethical concerning client funds?
• What should a listing firm do regarding earnest money if a buyer fails to apply for financing as required in the offer?
• In real estate, what is typically included in an offer to purchase?
• Which of the following is classified as client funds?
• When must a licensee disclose familial relationships to transaction parties?
• In what situation may a seller terminate a listing agreement without cause?
• What should a licensee avoid to prevent liability for mold issues?
• What is true regarding a buyer's ability to withdraw an offer after it has been accepted?
• What is required for one spouse to sign an offer on behalf of an unavailable spouse?
• What would not be classified as trust funds?
• When does a real estate license expire if not renewed?
• Under Wisconsin's license law, which knowledge area is NOT required for licensees?
• How many days before closing must the seller provide the buyer with condominium documents?
• Which statement about Wisconsin's license law is incorrect?
• By what date must the buyer deliver verification of funds following acceptance, according to the scenario?
• When selling a property, what is a seller's primary responsibility regarding disclosures?
• What is a potential penalty for a licensee who fails to provide agency disclosure?
• In Wisconsin license law, a firm involved in multiple representation without designated agency must:
• When is a listing firm prohibited from contacting a buyer with an unexpired buyer agency agreement?
• According to the WB-1 Exclusive Right to Sell listing contract, who is responsible for preparing the property to minimize injury during an open house?
• What statement best describes the supervising broker's supervision?
• What is the role of a listing licensee in relation to a listing firm?
• What can an agent do without the consent of the supervising broker?
• Which of the following is NOT defined as a client by the WB-36 Buyer Agency/Tenant Representation Agreement?
• What is a necessary action for Broker B to achieve liability protection while operating XYZ Realty as an LLC?
• Which class is NOT federally protected under fair housing laws?
• Which of the following must a bookkeeping system be able to show?
• Which document typically outlines the commission rates for real estate transactions?
• What type of agency model involves the brokerage firm having only one client in the transaction?
• What should a listing firm do upon receiving an offer from a subagent after another offer has been presented to the seller?
• Who must adhere to the ethical guidelines set by administrative rules and state statutes?
• A licensee is required to do all of the following except:
• Which term refers to the buyer when there is no agency agreement signed with the real estate firm?
• When should the agency disclosure form be presented to a buyer-customer?
• When using the WB-45 Cancellation Agreement and Mutual Release, what should a firm be cautious about?
• Who is exempt from completing a real estate condition report when transferring property with one to four dwelling units?
• Under administrative rules, which practice is acceptable when using approved forms?
• What condition must be met for the Sellers to give occupancy on the date of closing?
• By what date must earnest money received on January 21, observed as Martin Luther King Jr. Day, be deposited?
• What should a licensee do when listing a property with a nonconforming pier?
• If a buyer dies after an offer is binding, what is the status of the contract?
• In the event of a disaster affecting property, what is a licensee's responsibility?
• What does it mean to "use a form" in a real estate context?
• If the buyer does not deliver verification of funds by the agreed deadline, what action may the seller take?
• Which buyer would not be considered a protected buyer?
• In a property closing on April 18th, which tax proration is least likely to be used in the offer?
• What must be disclosed regarding any known hazards when selling a property?
• If a seller accepts a secondary offer according to the WB-11 Residential Offer to Purchase, what can the seller do?
• What is the purpose of a contingency in real estate transactions?
• When was the offer to purchase a home accepted by three different sellers?
• How should Salesperson B have identified the relationship with the?
• Which statement is NOT correct regarding trust account requirements?
• Which of the following actions is not permitted regarding condominium disclosure requirements?
• When completing a real estate condition report, what is the seller confirming?
• What must a licensee do if they are aware of potential defects that are not reported in the home inspection?
• In the case of designated agency, what is a critical condition regarding the individual agent's role?
• When would a firm be unable to disburse earnest money?
• Which of the following statements about listing leased properties is NOT correct?
• According to Wisconsin license law, when must an agent disclose their licensed status to a listing firm?
• What can be a consequence of failing to adhere to agency relationship requirements in real estate?
• What is a correct statement regarding fair housing regulations?
• Under Wisconsin's license law, what must licensees advise buyer clients about?
• What should a listing licensee do if they are contacted by a seller who has an unexpired listing contract with another firm?
• Which statement about counter-offers is INCORRECT?
• How should a provision be altered on an approved form?
• When acting as a dual agent, what documentation is typically essential?
• As the end of the biennium approaches, which of the following must Broker B do to maintain compliance?
• In a buyer's offer that includes an appraisal contingency, what happens if the appraisal is lower than the purchase price?
• Who has the authority to modify the commission under the residential exclusive right to sell listing contract?
• Does a seller need to amend a condition report if the property is damaged before closing?